Taking Advantage of a Buyer's Market in DTLA

While the suburbs and inner burbs are performing the best, some savvy buyers are snapping up prime property deals in cities like NYC and DTLA.

Recent sales in DTLA:

257 S. Spring #3M

Prime corner unit in a Mills Act Building!

Listed for $825k, sold for $795k

Compass/Berkshire Hathaway

849 S. Broadway #909

Prime unit with balcony unit in a Mills Act Building!

Listed for $675k, sold for $620k

Coldwell Banker

645 W. 9th #724

Penthouse unit with views in South Park

Listed for $535k, sold for $525k

Premier RE/C-21

1855 Industrial St #309

Totally remodeled 2360sf unit with private patio

Listed for $1.850M, sold for $1.69M

Compass

1130 S. Flower St #420

Multilevel Penthouse unit

Listed for $1.495M, sold for $1.32M

Compass

746 S. Los Angeles St #102

Amazing live/work storefront unit in Mills Act Building

Listed for $375k, sold for $340k

Berkshire/EXP

1155 S. Grand #1308

Stunning 2 bed, 2 bath and 2 parking in South Park w/ Views!

Listed for $949k, sold for $865k

Remax/Loftway

416 S. Spring #807

Balcony + Mills Act + Park Views!

Listed for $510k, sold for $465k

KW/Coldwell Banker

Why have LA home prices been so resilient?

The market in urban areas has come down since pre-COVID. On average, in NYC, about -18%, in SF, about -10% and in DTLA, about -4%. (Prices in the more suburban areas of LA are up about +1%)

Why has LA been more resilient? 

1. First, prices in LA were always lower than in NYC and SF. And suddenly, the nice weather, larger spaces and lower prices are looking pretty good when you can transplant yourself anywhere and work from home.

2. Remember, NYC was and still is the hardest hit COVID zone. LA, with it's huge population, has a fraction of the number of cases and deaths. Something is being done right in LA in terms keeping things safer. 

3. People still want a city, and LA, with its proximity to green spaces, mountains, beaches, deserts, etc, is proving to be the ideal place to settle during this uncertain time. 

4. There is a lot more space in LA than in other major cities. The average home size is about 1300sf in greater LA, and that's not including yards and other outdoor spaces. Compare that to 700sf is SF. You do get a lot more space for your money in LA, it's just a fact. 

5. The population. LA has a huge population. Where there is a population, whether employed or not, is going to need basic services, and that means jobs. Why else are companies like Amazon buying up warehouse spaces in LA? Because of demand for goods. 

Good Buys in DTLA Right Now

Higgins #207

French doors to a 150sf private patio. There are only about 40 units in the whole of DTLA with a patio so spacious. The interior is 1250sf. The unit also benefits from huge property tax savings from the Mills Act status of the building. $699k for a piece of history in the former Edison office building.

Courtesy of Coldwell Banker DTLA

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Grand Lofts #708

Penthouse unit, 1110sf, balcony, $800k, yep a penthouse with 2 beds, 2 baths and 2 parking spaces for under a mil, in SOUTH PARK. Grand Lofts #708

Courtesy of The Agency

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Eastern Columbia Lofts #311

A totally unique unit with 14-feet ceilings that only a few units feature, corner loft, plaster crown molding, balcony, 2 bathrooms, rare storage unit in the building, 1 parking space. The interior is 1740sf. The unit also benefits from huge property tax savings from the Mills Act status of the building. $1.898k for this pristine unit at the only Zig Zag Art Deco building in DTLA. 

Courtesy of Coldwell Banker DTLA

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Textile Lofts #404

A corner pied a terre with so much light for under 500k? Mills Act too? And 1 storage unit and 1 parking space. 640sf. The unit also benefits from huge property tax savings from the Mills Act status of the building. $468k for this very cool little unit.

Courtesy of Coldwell Banker DTLA

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Douglas Lofts #4D

Charming open plan loft at the historic Douglas Building. Mills Act too, and 1 underground parking space IN THE BUILDING! 740sf. The unit benefits from huge property tax savings from the Mills Act status of the building. $549k.

Courtesy of Coldwell Banker DTLA

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Elleven #615

LEED certified building in SOUTH PARK! 1670sf.  Immaculate 2 bed, 2 baths, 2 parking spaces! $998k.

Courtesy of Keller Williams

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1100 Wilshire #2412

View of the Hollywood sign and the ocean! 12-feet ceilings, walk in closet, 2 parking spaces IN THE BUILDING! 790sf. $535k. Plus it has one of the most amazing pool decks in the whole of DTLA.

Courtesy of REH Real Estate